Savannah morning news. [volume] (Savannah) 1868-1887, 1887-01-07
NICARAGUA'S SHIPWAY.
THE MARITIME CANAL COMPA-
NY GAINS A POINT.

HE NJ AtiI Al NJ III GAN AL COMER-
NY GAINS A POINr.
Senator Edmunds on Behalf ofth Com
mittee on Foreign Affairs Reports In
Favor of Granting the Proposed Com
pany IncorporStiOn-SOme of the Ad-
Vantsges Pointed Out.
WASHINGTON, Jan. 6.-SeEator Ed-
munds, by direction OF the Committee on
Foreign Relations, today reported favor
ably the bill to incorporate the Maritime
Canal Company of Nicaragua. The bill
creates Frederick Billings, Charles z.
DAILY, H. i. HOtchklss, Francis A. Stout,
w. B. Franklin, Daniel Emmens, VIM. l..
Merry, Charles Davis, Edward +. Beale,
James +. McMullen, Shepard HOmans
and their associates and successors a
body corporate, under the name of "The
Maritime Canal Company of Nicaragua"
for the purpose of enjoying all the rights
contained in any canal conces sion made
to them by Nicaragua or Costa Rica.
THE CAPITALIZATION.
The bill further provides that the capt
tai stock shall consist of not less than
900 nor more than 100000 shares of
800 each, of which 10 per cent. shall be
payable at the time of subscription; that
the companys affairs shall be managed
by eleven directors, citizens of the United
States and Nicaragua, of whom one may be
appointed by each of the two countries; I;
that tolls Tor passage through the canal
shall be reasonable, aud not in excess of
81 90 per ton OF freight; that the United
States may exercise such control over the
noOal "a 10 nSia xxTith fro W
Obligations; that the privileges granted
shall expire unless $10.000,000 OF the capt.
tai stock is subscribed for within two
years, and work actually commenced
within four years, and that power to alter,
amend, or repeal the act shall be reserved
to Congress.
THE REPORT,
The report accompanying the bill says:
The committee Is of the opinion that in
stances must be rare and exceptional when it
should recommend Congress to pass any act
of Incorporation, other than for local pur-
poses, within the District of Columbia or in
the same Territory bnt it thinks that for
great national objects and for specific puT-
poses affecting the welfare Of the people of
all the states, that Congress may rlghtfully
and properly create a corporation to efectu-
ate the same public objects that Congress might
by law provide for being done by the govern
ment Itself. The committee believes tn :
is a case within this principle. Means
of water transit between the Atlantic and
Pacific oceans at or near the lsthmus of Pan
anna is obviously matter of the greatest in
terest to the Industrial. commercial and pO-
litical welfare OF the people OF the United
states. and it Is. the committee thinks, equally
clear that it is in the highest degree desirable,
50 far as may be done consistently with their
obligations to other persons. that TINS transit
shou d be under the influence, if it cannot be
under the control, OF tho y nited States.
CENTRAL AMERICAN AFFILIATION.
It's well understood that the Republic OF
Nicaragua and her sister Central American
republics have a strong disposition to affiliate
| their interests with those OF our republic, in
| asmuch as their political institutions are
| based upon the same theory as our own, and
| from geographical proximity we are, OF
should be, their natural friends and allies
| desiring to promote IN tho largest degree then
| safety, independence and welfare, which
must necessarily De in every respect consist
| ent and in harmony vii n our own. 1t Is well
| known that for a long time past the Republic
| of Nicaragua has been willing and de5iroue
| that a ship canal should be built between the
| two oceans through her territory, and in such
| q way and under such conditions as should
| promote the common prosperity of all the
American republics.
LONGER DELAY DANGEROUS.
From one cause or another the accomplish
ment of this desire has been continually post
| poned, until at last 1t seems clear to the COM
mittee that 1t can hardly be expected that our
| doing what she can toward the building OF
| this canal by seeking aid from nations OF
| other people whose commercial ana politica
| interests are not altogether in accord with
ours. Ii seems to the committee, therefore
| that the least the United STAGES can do 10 to
| authorize corporation composed OF hight '
| respectable and responsible citizens OF the
| United States to be a corporation for the pur-
| pose of building this canal under any conces-
| sions or authority that the republic of Nlca-
raugua may concede to them.
SAFEGUARDS AGAINST CORRUPTION.
1t will be noticed that the bill provides
| rigorous security for due administration OF
the affairs Of the corporation and for the pre-
! ventiOn of the diversion OF its funds to other
! purposes than those Intended by the act, and
| that 1t also provides for complete authority
| of Congress to amend or repeal il as the
| public good may require. 1t will also be OBJ
| served that the bill does not draw Into ques-
| tion the existence or extent of any supposed
| treaty Obligation of the United states with
any power. Looking, therefore, to the large
| benefits. not only to the United States
! and the republic of Nicaragua and
! her sister republics, but also tc
| the commerce and intercommunicatiou OF
| the whole ssterhoOd OF civilized governments
! on the globe, the committee recommend
the passage OF the bill in the hope that the re
sources aud enterprise OF the private citizens
| of our country may he Gnabled to accompi III
this great work, a&en II our government itsell
Is not yet ready toundertake it, A